Reuters: Global Markets: Progress, Nexen tumble after Canada blocks Petronas bid

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Progress, Nexen tumble after Canada blocks Petronas bid Oct 22nd 2012, 14:28 By Claire Sibonney TORONTO | Mon Oct 22, 2012 10:28am EDT TORONTO (Reuters) - Leading Canadian energy shares tumbled on Monday after the government's shock rejection of a takeover bid for Progress Energy Resources Corp (PRQ.TO) raised fresh doubts about Canada's willingness to accept foreign investment. Progress plunged 11 percent to C$19.27. Nexen Inc (NXY.TO) was down about 5 percent to C$23.85 on heightened uncertainty over China's CNOOC's C$15.1 billion ($15.24 billion) offer for the energy company. Canadian Industry Minister Christian Paradis said late Friday night that Petronas' C$5.17 billion ($5.22 billion) bid for Progress - one of the largest owners of exploration lands in the gas-rich Montney shale region in northeastern British Columbia - would not provide the "net benefit" for the country required by Canada's foreign investment laws. The move prompted more questions about other, bigger bids and about Canada's willingness to let in foreign investors. Other top decliners on Toronto Stock Exchange's S&P/TSX composite index .GSPTSE were Encana Corp (ECA.TO), which lost 2.7 percent to C$23.13 and Talisman Energy (TLM.TO), down 2.5 percent to C$12.72. Mid-tier energy companies, which typically carry a takeover premium, were hit especially hard. Major decliners that space included Birchcliff Energy (BIR.TO), down 3.5 percent to C$8.34 and Advantage Oil and Gas (AAV.TO), off 4.4 percent to C$3.74.

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